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Answers (5)
- Franz Bauer, "franzinohio"
- Contributions:8
There also may be some VERY easy steps to do a "Rapid Rescore" for the person with the 600 to get them above 620 within a matter of days, not months.
Feel free to call me to discuss. With a 620, we as a lender can offer the same rate at the same cost as the 700 borrower.
Franz Bauer
American Midwest Mortgage
440-320-5959
Feel free to call me to discuss. With a 620, we as a lender can offer the same rate at the same cost as the 700 borrower.
Franz Bauer
American Midwest Mortgage
440-320-5959
- Josh Hubert, "Loan Genius"
- Contributions:42
Depending on the terms of the purchase/build, will detemine the way an underwriter looks at it. There are many programs out there still that allow the higher credit to be used while using the other partners income as well. Please feel free to contact me with the details and i will hunt down the info you are looking for in detail.
- Mack McCoy
- Contributions:1117
Why does the person with a credit score above 700 think the other person with the 600 score is a good person to partner with?
- wetdawgs
- Contributions:26854
If the incomes of both buyers are required for the mortgage, then the person with the lower credit score needs to work very hard to bring the score up. At the moment, the only way this could be done would be if the income of the individual with the higher score qualifies alone.
- Ofe Polack, "Ofe Polack"
- Contributions:1418
Depending on the price of the house and income of the buyers, a lender may use one buyer only for credit purposes. Having said that, if you use USDA-Rural Development, you may have a better chance to use both buyers, they are more forgiving than the conventional and FHA lenders, and you will need no down payment.
Two people buying, one good credit, one poor credit, how can they buy/build a house together?
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